Ethena sUSDe
Live . ethereum . 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497
What this vault advertises, against what it actually paid, measured from its own share price on chain over a 30 day window. Everything below is recomputed hourly and every figure on this page comes from the snapshot named at the bottom. Nothing here is typed by hand.
Advertised
4.01%
30 day average
Realized
4.04%
30 day window
Gap
-0.03 points
100.8 percent of advertised
A negative gap means it realized more than it advertised.
advertised and realized measured over the same 30 day window.
This row cleared its own number.
Paid 100.8 percent of its advertised 30 day average over a 30 day window, measured on chain. We state this on exactly the terms we state a shortfall on: the advertised figure has to be on a basis comparable to a 30 day realized window, and it has to have been read from Ethena's own surface within 10 days of the end of that window. If either stops being true, this section disappears and so does the claim on the image below.
Embed, markdown
[](https://kerne.fi/honesty-index/ethena-susde)Embed, HTML
<a href="https://kerne.fi/honesty-index/ethena-susde"><img src="https://kerne.fi/honesty-badge.svg?row=ethena-susde&claim=delivery" width="384" height="152" loading="lazy" alt="Kerne Honesty Index: realized yield measured against advertised yield"></a>Dark theme
https://kerne.fi/honesty-badge.svg?row=ethena-susde&claim=delivery&theme=dark- The image is generated from the same hourly snapshot as the board, and it carries the read time and both block heights on its face.
- If the row stops clearing its advertised figure, or the advertised figure goes unread for longer than we will difference against, the image quietly becomes the plain measurement card. It will not keep making a claim that has stopped being true.
- It is free, needs no key, and we do not log who embeds it. There is nothing to sign and nothing to buy.
- It measures one axis, realized yield against advertised yield. It is not a rating, not an audit, and says nothing about whether a protocol is safe.
What Ethena published.
"avg30dSusdeYield":{"lastUpdated":"5 Aug 26","value":4.006086956521739}
Figure we recorded
4.01%
Basis
30 day average (trailing-30d)
Label on their surface
30 day average sUSDe yield
Read on
2026-08-12
Age at the end of our window
2.8 days, limit 10
Source
https://app.ethena.fi/api/yields/protocol-and-staking-yield
Open the page we read it from. It is a first-party surface by rule. An aggregator figure is never recorded in this column, whatever it says.
Other figures this protocol publishes
- 4.03% sUSDe staking yield (projected rate, read 2026-08-12)
- 10.76% sUSDe yield since inception (since inception, read 2026-08-12)
Recompute it yourself.
The realized figure is two calls and one exponent. Both calls are pinned to a block height, so they return the same values for you as they did for us, forever. Use any archive endpoint. We deliberately do not name one: a reproduction that runs on our RPC is not a reproduction.
The call
Chain
ethereum
Contract
0x9D39A5DE30e57443BfF2A8307A4256c8797A3497
Method
convertToAssets(uint256)
Argument
1000000000000000000 (one whole sUSDe share, 18 decimals)
eth_call data
0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000
Returns
USDe, 18 decimals
The argument is one whole share in the SHARE token's own decimals, which is not always eighteen. Kerne's own skUSD reports twenty four, so calling it with 1e18 returns a millionth of the right answer. Ask the vault for its decimals rather than assuming, exactly as our collector does.
At the start of the window
Block
25539888 (0x185b530)
Timestamp
1784140607 (2026-07-15 18:36 UTC)
Share price returned
1.239350864044198076
At the end of the window
Block
25755112 (0x188fde8)
Timestamp
1786732607 (2026-08-14 18:36 UTC)
Share price returned
1.243393561370418704
Start of window, cast
RPC_URL=... cast call 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25539888 --rpc-url "$RPC_URL"End of window, cast
RPC_URL=... cast call 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25755112 --rpc-url "$RPC_URL"Start of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9D39A5DE30e57443BfF2A8307A4256c8797A3497","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x185b530"]}End of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9D39A5DE30e57443BfF2A8307A4256c8797A3497","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x188fde8"]}Both calls return an integer in the smallest unit of USDe. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.
The arithmetic
growth = 1.243393561370418704 / 1.239350864044198076
elapsed = 1786732607 - 1784140607 = 2592000 seconds
annualized = (growth ^ (31536000 / 2592000) - 1) * 100
= 4.0418% (0.326195% over the window)
Simple compounding at the observed rate, on a 365 day year. No fee assumption, no reinvestment assumption, no smoothing. If your arithmetic lands somewhere else, that disagreement is the finding and we want it: liam@kerne.fi.
Context for this row.
Live and accruing. Share price last moved minutes before this reading. Ethena publishes a current yield and a 30 day average that both track what we compute on chain. It also publishes a since inception average near 11 percent, more than twice the current rate; that figure is correctly labelled on their surface and is shown here with its label intact.
This page measures one axis and one only: advertised yield against realized yield. It is not a rating, not an audit, and it says nothing about whether Ethena is safe or whether its reserves are what it says they are. A protocol in an announced wind down paying nothing is behaving correctly. The reserve axis is a different page, at the reserve transparency scorecard.
Take this row with you.
This page
https://kerne.fi/honesty-index/ethena-susdeCitation
Kerne Honesty Index, 2026-08-14: Ethena (sUSDe) advertised 4.01%, realized 4.04% from on-chain share-price growth, gap -0.03 points (advertised and realized measured over the same 30 day window). Source: https://kerne.fi/honesty-index#row-ethena-susdeBadge, markdown
[](https://kerne.fi/honesty-index#row-ethena-susde)Badge, HTML
<a href="https://kerne.fi/honesty-index#row-ethena-susde"><img src="https://kerne.fi/honesty-badge.svg?row=ethena-susde" width="360" height="112" loading="lazy" alt="Kerne Honesty Index: advertised versus realized yield"></a>Row in the API
https://kerne.fi/api/honesty-index/row/ethena-susde
Where these numbers came from.
Snapshot generated
2026-08-14 18:37 UTC
Snapshot source
live store
Signature
verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea
Row key
ethena-susde
The signature is checked on every render rather than assumed from the presence of a field. A snapshot that does not verify is served with that said plainly instead of borrowing the word.
Board last read 2026-08-14. Every figure on this page is regenerated from https://kerne.fi/honesty-index and none of them is stored in this file.